DENVER, April 23, 2012 /PR Newswire/ -- MusclePharm Corporation (OTCBB: MSLP), a nutritional supplement company focusing on active lifestyles, today reported its preliminary financial results for the 2012 first quarter ended March 31, 2012.
Net sales for the first three months of 2012 increased nearly fourfold to approximately $19 million from $4 million for 2011 first quarter. International sales grew 400 percent to approximately $4 million from $1 million in the year-ago first quarter. General and administrative expenses were approximately $5 million, or 26 percent of net sales, compared with $2 million, or 50 percent of net sales, for the same quarter last year. Income from operations climbed to approximately $1 million versus a loss from operations of $1 million for the 2011 first quarter.
"For the 2012 first quarter, units sold of our top two prod`ucts increased dramatically to 770,000, compared with units sold of 78,000 for the same two products in last year's first quarter," said Brad Pyatt, chief executive officer of MusclePharm. "Also during the quarter, we launched new products with a combined total of 300,000 units sold. At the end of the first quarter, we had a sales backlog of $4.3 million, which we shipped in the second quarter of this year. Due to the strong demand we are seeing for our products, combined with the expected near-term launch of 15 new products, we have adjusted our projections for 2012 net sales to $75 million from $40 million."
The company expects to issue a news release with its complete financial results for the 2012 first quarter on or before May 15, 2012.
ABOUT MUSCLEPHARM CORPORATION
MusclePharm is a healthy life-style company that develops and manufactures a full line of NSF International and Informed Choice approved nutritional supplements that are free of banned substances. Based on years of research at the MusclePharm Sports Science Center, the products are created through an advanced six-stage research protocol involving the expertise of top nutritional scientists and field tested by more than one hundred elite professional athletes from various professional sports leagues including the National Football League, Mixed Martial Arts and Major League Baseball. The Company's products address all categories of an active lifestyle, including muscle building, weight loss and maintaining general fitness through a daily nutritional supplement regimen. MusclePharm is sold in more than 120 countries and available in over 10,000 U.S. retail outlets, including Dick's Sporting Goods, GNC, Vitamin Shoppe, Vitamin World and Walmart. MusclePharm products also are sold through more than 100 online stores, including bodybuilding.com, Amazon.com and Vitacost.com. For more information, please visit www.musclepharm.com.
FORWARD LOOKING STATEMENTS
The information contained herein includes forward-looking statements. These statements include, but are not limited to, future events or to future financial performance, including net sales projections for 2012 of $75 million, the launch of 15 new products, and challenges which may be faced in connection with the Company's growth, involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Undue reliance should not be placed on forward-looking statements, since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Readers are encouraged to read the Company's reports filed with the SEC, including its Form 10-K for the year ended December 31, 2011, for a description of these uncertainties. MusclePharm assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For more information, contact:
Roger Pondel/Robert Jaffe
SOURCE MusclePharm Corporation